Hyperscaler Debt Is Now a Rates Story

The Amazon Web Services IAD10 data center in Sterling, Virginia, US, on Sunday, May 31, 2026. NextEra Energy Inc. agreed to pay about $67 billion in stock for Dominion Energy Inc. in the biggest power acquisition ever, creating a giant utility extending from Florida to the artificial intelligence data centers clustered in Virginia. Photographer: Lexi Critchett/Bloomberg